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Reopening of assessment u/s 147 - AO while making the regular assessment did not undertake the scrutiny that he should have undertaken in respect of the investment into the share capital of the petitioner by Pranetta Industries Ltd. Though the identity of the investor Pranetta Industries Ltd. stood established, neither the financial capacity/ creditworthiness of the said investor companies, nor the genuineness of the transaction was examined. - Reopening sustained.
Reopening of assessment u/s 147 - AO while making the regular assessment did not undertake the scrutiny that he should have undertaken in respect of the investment into the share capital of the petitioner by Pranetta Industries Ltd. Though the identity of the investor Pranetta Industries Ltd. stood established, neither the financial capacity/ creditworthiness of the said investor companies, nor the genuineness of the transaction was examined. - Reopening sustained.
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